Updated: January 14, 2025
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Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.
Oklahoma's home equity loan rates are 7.7% APR for a 10-year term (matching the national rate) and 8.1% APR for a 15-year term (compared to 7.9% nationally). Explore detailed insights on Oklahoma's current home equity loan rates, including city-specific rates, top lenders and tips for securing the best deal.
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in Oklahoma with an 80% LTV is 8.1%, compared to 8.2% for a 90% LTV.
HEL rates vary by city in Oklahoma. For 15-year loans, Okmulgee has an average APR of 6.7%, while Stigler's is 10%.
Lenders offer different rates for the same loan types. First Bank & Trust Company's average APR is 4.5%, while Firstar Bank's is 10%.
MoneyGeek examined 26 different banks and credit unions in Oklahoma using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.
This data is accurate as of January 2025.
The current average APR for a 15-year home equity loan in Oklahoma is 8.1%, but several factors might affect lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.
| 10Year | 7.7% |
| 15Year | 8.1% |
| 5Year | 7.6% |
Oklahoma HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. It can also help you consolidate high-interest debts.
For example, a 15-year home equity loan with an 8.1% APR results in a monthly payment of $484 and a total interest of $37,051. A 10-year loan with a 7.7% APR has a monthly payment of $601 and a total interest of $22,164.
Home equity loans (HELs) and home equity lines of credit (HELOCs) allow homeowners to access their property's equity. HELOC rates in Oklahoma are variable, averaging 8.4%, while HEL rates average 7.7%.
HELs' fixed rates mean consistent monthly payments, offering predictability in budgeting. Variable rates, like those of HELOCs, can start lower but may increase, leading to higher payments over time.
The rate you qualify for depends on your loan-to-value (LTV) ratio, which compares your mortgage balance to your home's appraised value. To calculate it, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is worth $300,000 and you owe $240,000, your LTV ratio is 80%.
A higher LTV ratio poses more risk to lenders, leading to higher rates. Oklahoma's average APR for a 15-year equity loan with an 80% LTV is 8.1%, compared to 8.2% for a 90% LTV. Use the table below to check rates based on your LTV ratio.
| 8.1% | 8.2% |
Average APRs for home equity loans vary by city due to lender competition and local costs. Larger, densely populated cities often have more lenders, leading to lower rates. Property taxes and local fees also impact borrowing costs.
For example, Waurika's average APR is 4.5%, while Sallisaw's is 10%. The table below shows average home equity loan rates across Oklahoma cities.
| 10Year | 7.9% |
| 15Year | 8.1% |
| 5Year | 7.6% |
Home equity loan rates in Oklahoma differ significantly between lenders due to varying policies, risk assessments and market strategies. First Bank & Trust Company offers the lowest average APR at 4.5%, while Firstar Bank presents the highest at 10%.
Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.
| First Bank & Trust Company | 4.5% |
| U.S. Employees O.C. Federal Credit Union | 6.4% |
| Allegiance Federal Credit Union | 6.5% |
| Oklahoma's Credit Union | 7.0% |
| Communication Federal Credit Union | 7.3% |
| The Focus Federal Credit Union | 7.6% |
| BOKF | 7.6% |
| Weokie Federal Credit Union | 7.8% |
| INTRUST Bank | 8.3% |
| BMO BANK NATIONAL ASSOCIATION | 8.6% |
| Busey Bank | 8.8% |
| Farmers Insurance Group Federal Credit Union | 9.0% |
| Tinker Federal Credit Union | 9.1% |
| Commerce Bank | 9.3% |
Credit unions often offer lower home equity loan rates than large banks. Commercial banks in Oklahoma have an average APR of 8.4%, while credit unions offer a lower rate of 7.5%. However, credit unions may have stricter membership requirements.
Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:
Lenders may offer different APRs for the same loan amount and credit profile. For instance, U.S. Employees O.C. Federal Credit Union has an average APR of 6.4%, while BOKF offers 9.5%. Compare home equity loan providers to find better rates.
Having more equity in your home can result in more competitive rates from lenders. Oklahoma homeowners can increase their equity by adding tornado shelters or home offices.
Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Oklahoma is 687, according to Experian.
A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.
Provide your income and recurring payments to calculate your DTI.
Enter all applicable payments to ensure accurate results.
MoneyGeek answers common questions about home equity loan rates for Oklahoma homeowners, offering precise and reliable information.
As of January 2025, the average APRs for home equity loans in Oklahoma are 7.6% for five-year, 7.7% for 10-year and 8.1% for 15-year terms. Rates may vary based on factors like credit score.
Calculate home equity by subtracting your remaining mortgage balance from your property's market current value. Ensure you meet home equity requirements to qualify for a loan.
Yes, rates vary by city. For instance, Waurika has an average APR of 4.5%, while Sallisaw has 10%.
Home equity loan interest may be tax-deductible if the funds are used for home improvements.
Potential drawbacks include the risk of foreclosure if payments are missed and applicable fees.
The process typically takes a few weeks, depending on the lender and your financial situation.
To get a loan, ensure you meet the eligibility for a home equity loan, including credit score requirements.
Funds can be used for various purposes, such as home improvements or debt consolidation. However, some lenders may impose restrictions on usage.
You can apply for a home equity loan on your primary residence, but options like cash-out refinance exist for other properties.
Consider other types of loans, such as HELOCs or cash-out refinances, to access home equity.
A HELOC offers a draw period and may have an annual fee, while a home equity loan provides a lump sum with fixed interest rates.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
